Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Presidential Gardens Neighborhood Association, Inc. (Project No. 023-11686). and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Presidential Gardens Neighborhood Association, Inc. it is not intended to and does not present the financial position, changes in net assets, or cash flows of Presidential Gardens Neighborhood Association, Inc. For the year ended May 31, 2025, no awards were passed through to subrecipients.
Presidential Gardens Neighborhood Association, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Presidential Gardens Neighborhood Association, Inc. received no additional loans during the year. The balance of the loan outstanding at May 31, 2025 consists of: See the Notes to the SEFA for chart/table
There were no findings of noncompliance identified in connection with the Company’s single audit for the year ended May 31, 2025.